Like a fintech heavyweight stepping onto a global stage, PicS has formally filed for a U.S. initial public offering, signaling its ambition to bring Brazil’s fast-growing digital banking story to Nasdaq investors.
The Brazilian digital banking platform, operating under the PicPay brand, submitted its registration statement to the U.S. Securities and Exchange Commission on Monday, seeking to list its Class A common shares on the Nasdaq Global Select Market. The offering is being guided by White & Case LLP, with Davis Polk & Wardwell LLP advising the underwriters.
Deal Details Still Taking Shape
Price and Share Count Undisclosed
The filing leaves key numbers open-ended for now. PicS has not yet set the number of shares to be sold or the anticipated price range, according to the SEC documents.
Still, one cornerstone has already been laid. Bicycle Management Company LLC, a Latin America-focused growth equity firm, has stepped forward as an anchor investor, signaling its intention to purchase $75 million worth of PicS Class A shares in the offering.
Under the terms disclosed, Bicycle Management’s shares will be locked up for six months following the IPO’s closing, aligning it with long-term investors. The filing also notes that underwriters, as a group, will receive the same discount on shares.
